Mortgage Applications Drop Significantly, Survey Finds
WASHINGTON-Applications for U.S. home loans dropped significantly earlier this month, according to a Mortgage Bankers Association (MBA) survey.
The MBA said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 7% in the week ended Nov. 1. The index jumped 6.4% the previous week.
The survey's refinance index decreased by 7.9% and the purchase index, a leading indicator of home sales, fell by 5%.
This drop is the first one-week decline of greater than 1% in months, and comes at a time when there is a great deal of uncertainty about when the Fed will slow its stimulus program.
The 30-year mortgage rate fell one basis point to 4.32%, according to MBA data.
The mortgage survey covers more than 75% of U.S. retail residential mortgage applications, according to the MBA.
Harland Financial Brand To Be Replaced By D+H
DENVER-The Harland Financial Solutions brand is being retired effective at year-end and will be replaced by the D+H brand.
Toronto-based D+H acquired Harland Financial Solutions in July, bringing to more than 6,200 the number of credit unions and banks serviced by the combined entity. In addition to Harland Financial Solutions, subsidiaries CompuShare, Mortgagebot and CreditPaths are all being combined as one unified business under the D+H brand.
Individual product brands, such as Cavion, will continue on under their current names, according to Executive Vice President Scott Hansen, who spoke with Credit Union Journal during BAI Retail Delivery's conference here last week.
